How does the EU Conflict Minerals Regulation apply in the UK?
Conflict Minerals Law
by Dynda A. Thomas
1y ago
The EU Conflict Minerals Regulation (“EU Regulation”) is aimed at reducing the financing of armed conflicts through the trade of valuable minerals. But, before the EU Regulation went into full effect on 1 January 2021, the UK completed its separation from the EU. To understand what the EU Regulation means for them following Brexit, importers into the UK need to take into account the concept of “EU retained law,” the application of the Northern Ireland Protocol, the recent introduction of the Northern Ireland Protocol Bill 2022-23, and the implication of the Trade and Cooperation Agreement. In ..read more
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US SEC Conflict Minerals Reporting 2022 – Survey of the most recent “Actions taken and to be taken to improve due diligence”
Conflict Minerals Law
by Dynda A. Thomas
1y ago
As SEC reporting companies finalize their conflict minerals disclosures each year, they typically review the Form SD requirement that calls for a description of any steps taken or to be taken to improve their conflict minerals due diligence. This required disclosure is typically provided in sections called “Actions Taken and to be Taken to Improve Due Diligence” and “Continuous Improvement” and the like. Since there is time for reporting companies to consider and implement improvement actions for calendar year 2022, now is a perfect time to review the most recent filings to survey improvement ..read more
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The EU Conflict Minerals Regulation and the Labyrinth of Brexit
Conflict Minerals Law
by Dynda A. Thomas
3y ago
The initial provisions of Regulation (EU) 2017/821 of the European Parliament and of the Council laying down supply chain due diligence obligations for Union importers of tin, tantalum and tungsten, their ores, and gold originating from conflict-affected and high-risk areas (the “EU Conflict Minerals Regulation”) took effect in 2017. Then, on January 1, 2021, the rest of the provisions of the EU Conflict Minerals Regulation (as amended) came into full effect requiring supply chain due diligence and, in certain cases, third-party audits and consultations. The supply chain due diligence required ..read more
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Recent Climate and ESG Disclosure Activity — What does it mean for the SEC’s Conflict Minerals Rule?
Conflict Minerals Law
by Dynda A. Thomas
3y ago
In its first two months, the Biden Administration has given significant attention to climate-related and environmental, social, and governance (ESG) disclosure issues. February 1, 2021 — The SEC announced the appointment of Satyam Khanna as the Senior Policy Advisor for Climate and ESG.  He is to oversee the SEC’s efforts relating to climate risk and other ESG developments. February 24, 2021 — Allison Herren Lee, the Acting Chair of the SEC’s Division of Corporation Finance, announced that the SEC would enhance its focus on climate-related disclosure in public company filings.  In t ..read more
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EU Conflict Minerals Regulation — OECD Guidance Workshops
Conflict Minerals Law
by Dynda A. Thomas
3y ago
Now that the EU Conflict Minerals Regulation (EU Regulation) is in full effect, EU importers of tin, tantalum, tungsten, and gold and derivative products need to determine whether they are covered by the EU Regulation.  Those EU importers that are covered by the EU Regulation are required to implement a supply chain due diligence process based on the Organisation for Economic Co-operation and Development’s Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (OECD Guidance). So, what does the OECD Guidance require?  What shoul ..read more
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OECD Due Diligence Guidance — Workshops
Conflict Minerals Law
by Dynda A. Thomas
3y ago
If you are an EU importer of tin, tantalum, tungsten or gold (3TG) covered by the EU Conflict Minerals Regulation, as of 1 January your due diligence process must comply with the OECD Due Diligence Guidance. Non-compliance may have serious legal and reputational consequences. You may have listened to webinars and read white papers on conflict minerals due diligence and compliance. But, if you haven’t done so already, now you actually have to get down to business and develop your own due diligence program. Conflict minerals due diligence is more than mere supplier engagement.  So, are you ..read more
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Department of Labor’s “Do-Good” Investing Rule — Biden Administration Review
Conflict Minerals Law
by Dynda A. Thomas
3y ago
In yesterday’s post, we said we expected that the Biden Administration would re-focus attention on the US conflict minerals rule.  In a similar vein, by the end of Inauguration Day, the Biden Administration indicated that it wants a review of recent amendments to a Labor Department rule that require that ERISA plan fiduciaries put financial considerations above all other considerations when making investment decisions.  Amendments to the Labor Department’s “do-good investing rule” took effect on January 12, 2021.  Those amendments require that ERISA plan fiduciaries select inves ..read more
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New Day for the US Conflict Minerals Rule
Conflict Minerals Law
by Dynda A. Thomas
3y ago
It’s Inauguration Day in the US, and it’s likely to be a new day for the US conflict minerals rule.  Where have we been and where are we going? 2012 – 2016 Pursuant to Section 1502 of the Dodd-Frank Act of 2010, the SEC issued its conflict minerals rule in 2012, requiring reporting companies to report on their use and sourcing of tin, tantalum, tungsten and gold (3TG).  In 2014, SEC reporting companies began reporting on their “reasonable country of origin inquiry” and their due diligence measures by filing their first Form SDs.  A handful of companies also provided independent ..read more
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Countdown to EU Conflict Minerals Regulation (7 Months)
Conflict Minerals Law
by Dynda A. Thomas
4y ago
In less than 7 months, the EU conflict minerals regulation will take full effect, and importers into the European Union of certain threshold amounts of tin, tantalum, tungsten and gold (3TG) and of metals containing 3TG will be subject to it.  As of today, despite Brexit, importers into the UK will be subject to it as well. Those Union importers should be taking action now to supplement their compliance programs to address the due diligence, risk mitigation and audit requirements of the EU regulation.  In anticipation of those requirements, some importers may consider replacing ..read more
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COVID-19 and Conflict Minerals
Conflict Minerals Law
by Dynda A. Thomas
4y ago
We have been following this year’s conflict minerals filings to determine whether reporting companies have highlighted any impact of the COVID-19 shut-downs on their conflict minerals due diligence measures or results. Based on our review of the 320 filings through May 27, 2020, 14 conflict minerals reports included references to “COVID-19,” “coronavirus” and/or the “pandemic. Four more reports mentioned “COVID-19” or “coronavirus” in their forward looking statements disclaimers. One report included a reference to the COVID-19 pandemic in the attached independent private sector audit letter. O ..read more
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